TORONTO, ONTARIO--(Marketwire - Aug. 29, 2011) - Toromont Industries Ltd. (TSX:TIH) announced today that it has filed with the Toronto Stock Exchange a notice of intention to make a normal course issuer bid for certain of its common shares through the facilities of the Toronto Stock Exchange. Under this notice, Toromont is entitled to purchase up to 5,659,189 common shares representing 10% of its common shares in the public float during the 12-month period commencing August 31, 2011 and ending August 30, 2012. Toromont currently has 77,002,162 common shares issued and outstanding. The actual number of shares which may be purchased and the timing of any such purchases will be determined by Toromont. All shares purchased under this issuer bid will be cancelled. The average daily trading volume for the six-month period ending July 31, 2011 was 130,270.
Toromont believes that from time-to-time the purchase of its common shares at prevailing market prices may be a worthwhile investment and in the best interests of both Toromont and its shareholders. During the past 12 months, 256,934 common shares were purchased for cancellation by Toromont at an average price of $16.76.
Toromont Industries Ltd. operates through two business segments: The Equipment Group and CIMCO Refrigeration. The Equipment Group includes one of the larger Caterpillar dealerships by revenue and geographic territory in addition to industry leading rental operations. CIMCO Refrigeration is a market leader in the design, engineering, fabrication and installation of industrial and recreational refrigeration systems. Each segment offers comprehensive product support capabilities. This press release and more information about Toromont can be found on the web at www.toromont.com.
Contact Information:
Paul R. Jewer
Executive Vice President and Chief Financial Officer
(416) 667-5638